Riyadh – Mubasher: Gulf General Cooperative Insurance Company shifted to net profits before Zakat valued at SAR 4.97 million in the first quarter (Q1) of 2023, against net losses worth SAR 18.20 million in Q1-22.
Gross written premiums (GWP) dropped by 32.82% year-on-year (YoY) to SAR 99.36 million in Q1-23 from SAR 147.91 million, according to the initial financial results.
During the first three months (3M) of 2023, the insurance revenues hit SAR 88.67 million, an annual jump of 29.08% from SAR 68.69 million.
The earnings per share (EPS) stood at SAR 0.08 in 3M-23, versus a loss per share of SAR 0.39 in 3M-22.
Accumulated Losses
The accumulated losses amounted to SAR 241.50 million as of 31 March 2023, accounting for 48.30% of the SAR 500 million capital.
